Record €298M raised by Baltic PE/VC funds — 2022 market overview

Despite being a relatively young market, the Baltic PE/VC industry has shown substantial
growth. In 2022, capital raised by Baltic funds reached €298 million, a year-over-year increase in capital raised is over 130%. Baltic funds completed over 220 transactions, investing a record €212 million into Baltic companies.

KPMG Baltics Deals team and the Baltic VCAs analysed and featured the data in the Baltic Private Equity and Venture Capital Market Overview 2022. AIN.Capital shares the key point of the research.

Baltic PE/VC fundі general overview

• Since 2010, Baltic funds have raised a total of €2.2 billion. Since 2020, the capital raised nearly doubled, reaching €654 million.
• In 2022, a record of €298 million total was raised by Baltic PE/VC funds.
• Baltic companies received a record high of €212 million investment, across 222 deals, with YoY growth of 44%.
• A total of 50 exits were made in 2022. And 153 investments were conducted outside of the Baltics region.
• Female representation in fund staff was seen as improving, reaching 25.6% at the end of 2022.

Estonia

• In 2022, Estonian companies received investments of €76 million over 103 transactions, which is an all tiall-timeme high record.
• Private equity investments contributed to 61% of total investment into Estonia, a 12% YoY increase compared to 2021.

• Computer and consumer electronics is the most popular sector in 2022, securing a total of €27 million.
• 2022 was also a record year for divestments in Estonia: 18 divestments and exit value of €31 million.

Latvia

• Latvian companies raised a total of €17 million over 53 transactions, which shows growth of 21% YoY in 2022.
• PE investments made up 68% of total investment into Latvia, a 50% YoY increase compared to 2021.

• Energy and environment is the sector attracting the most capital in 2022, with a total of €4 million.

Lithuania

• In 2022, Lithuanian companies also received a record high investment value of €119 million over 66 transactions.
• PE investments made up 85% of total investment, which is over three times higher compared to 2021.
• Energy and environment is the sector that attracted most capital in 2022, a total of €35 million.